Venezuelan ministers to visit Algeria for oil price talks: ministry

Venezuela's Oil Minister Nelson Martinez attends the swear in ceremony of the new board of directors of Venezuelan state oil company PDVSA in Caracas, Venezuela January 31, 2017. REUTERS/Marco Bello

ALGIERS (Reuters) - Venezuela’s oil and foreign ministers will visit fellow OPEC member Algeria this weekend for consultations on dealing with oil price instability, Algeria’s foreign ministry said in a statement.

The two parties will discuss coordination over OPEC’s agreement in September to reduce oil production by 1.2 million barrels a day to help support global oil prices, the statement from the APS state news agency said. A deal with non-OPEC members followed in December.

The Venezuelan delegation is visiting a number of OPEC and non-OPEC countries to coordinate and discuss oil market conditions.

Rodriguez and Martinez also visited Moscow on Monday for talks on the oil deal with Russian Energy Minister Alexander Novak.

Novak said last month it was too early to talk about extending the current deal between OPEC and non-OPEC producers beyond the planned six months but that remained an option.

OPEC members with production targets under the deal complied with 92 percent of the overall volume in January, according to assessments of secondary sources OPEC uses to monitor its output, which were seen by Reuters.